Annual Report

Dedicated to our loyal customers for trusting us with their families as generations before them did.

We will continue to be strongly rooted in tradition, with a strategic and innovative vision

for future generations.

Center Street, circa 1930’s

The Beginning

COMMUNITY BANKINGOn May 1, 1869 a charter was granted to a group of ten local businessmen, our original incorporators, to open and operate a bank in Adams. Two months later on July 1st, South Adams Savings Bank (SASB) opened the doors to its first customer, a two year old boy and his family. 150 years later six generations of this same family along with many other local families, still appreciate the benefits that come from banking with a strong community bank while we enjoy their loyalty to our vision.

At the conclusion of our first year in business in 1870, the Bank had grown to $70,583.66 in assets. Fast forward through 150 years of hard work and dedication, with the last several seeing record growth, Adams Community Bank’s assets totaled over $580 million at the end of 2018.

A town on the brink of an industrial boom, local families in search of a place to invest their hard-earned money which would also benefit their community — and so begins Adams Community Bank’s long and rich history.

Top: Postcard rendition of Center Street. Right: The Bank’s first office space, located in the Collins Block (bottom).

Adams Co-Operative Bank was a fixture in the Town of Adams since January 1, 1895 and its staff was well known for providing exceptional customer service. Strategic discussions began in 2011 to bring these two community banks together and the merger was completed in February, 2012. By combining the staff and skills of these two fine banks the region has benefited from the creation of Adams Community Bank, which has flourished in the past seven years.

Lenox National Bank had proudly served the community since April 18, 1889. For decades this bank was interwoven into the fabric of the community as generations of Lenox residents maintained their accounts there. Discussions began in 2014 to acquire Lenox National Bank and we were honored to complete the transaction in 2015. This location has been an important part of our strategic plan to serve customers throughout Berkshire county.

Highlights from our history that we directly link to our growth are the merger with Adams Co-Operative Bank in February of 2012 and the acquisition of Lenox National Bank in October of 2015.

ADAMS CO-OPERATIVE BANK

Our Growth

LENOX NATIONAL BANK

Over the past 150 years, the landscape of Adams and its surrounding communities has changed as significantly as the modes of transportation used to get to the bank. Whether one drove their horse and buggy through unpaved streets, hopped into a trolley car, Model T, or Prius, or “visited” through their mobile app, the one constant that has not changed is our core banking philosophy.

We’re committed to remain a true community bank by always doing right by our customers through earning their trust and providing extraordinary service and promoting and supporting our communities to make them stronger and better.

CHANGING LANDSCAPES

Top right: Center Street circa early 1890’s, prior to trolley car tracks and pavement. Bottom right: Park Street circa 1938. Below, top photo: Adams Co-Operative Bank in 1978 on Park Street. Below, bottom photo: Lenox National Bank in June of 1971.

TIM

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Term Expiring 2021David J. LipinskiCharles P. O’BrienStephen N. PagnottaLeon S. Parrott, Jr.Francis P. Waterman, Jr.

William T. KittlerFrank S. LazarczykWilliam J. McLarenRichard P. OuelletteWalter Slosek

HONORARY TRUSTEES

TRUSTEESNancy K. AgostiniTimothy C. DohertyRichard A. DunnNancy L. GartonRichard A. Jette

Term Expiring 2019 Term Expiring 2020Jeffrey P. GrandchampJ. Norman O’Connor, Jr.Bernard A. PinsonnaultHoward J. Wineberg

June 1 - An 1880 directory shows the Bank’s deposits and surpluses totaling $392,444.51.

1958

A telephone book ad from a 1958 telephone book.

July 1 - The South Adams Savings Bank opened its doors to its first depositor, a 2 year old little boy.

1869

June - A postcard illustration of the Bank’s Center Street entrance.

1926

1889 19 501869 1909

May 1 - A charter was granted to open and operate a bank in Adams.

C.F. Sayles was one of ten original corporators.

1869

1880

January - A 1903 directory shows the Bank’s deposits totaling $906,099.89.

1903

150years

open spacepossible quoteor DIY space

AdamsWe’d like to give special thanks to Adams’ local historian, Eugene Michalenko, for supplying his expertise and allowing us usage of the historical photos of Adams.

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CLERK OF CORPORATION Howard J. Wineberg

Richard A. Jette - Chairman

Richard A DunnJeffrey P. Grandchamp

Finance & Technology Committee

Timothy C. DohertyJeffrey P. Grandchamp

Compensation CommitteeRichard A. JetteBernard A. Pinsonnault - Chairman

BOARD COMMITTEESNancy K. AgostiniNancy L. GartonCharles P. O’Brien - Chairman

Board of Investment

Timothy C. Doherty - ChairmanDavid J. LipinskiLeon S. Parrott, Jr.

Audit CommitteeBernard A. Pinsonnault

Richard A. DunnDavid J. Lipinski - ChairmanCharles P. O’Brien

Governance CommitteeStephen N. PagnottaLeon S. Parrott, Jr.

J. Norman O’Connor, Jr.Francis P. Waterman, Jr.Howard J. Wineberg

HONORARY TRUSTEES

Term Expiring 2020

February 25 - The Bank merges with Adams Co-operative Bank. Adams Community Bank becomes the name of the new bank.

2012

September 28 - The Bank opened a branch in Williamstown.

1988

May 10 - The Bank opened a branch in Cheshire.

October 16 - The Bank opened a branch in Lee.

October 16 -The Bank acquires Lenox National Bank with an office in Lenox.

2015

2007

1971

19 501965 2000

2019

Clippings of newspaper ads that ran in the 1960-1970’s.

1970

1981

$7,680 2,236 9,916

22,52621,507

3,803 47,836

475,055 8,913

10,106 494,074

(3,855) 490,219 6,965 1,570

213 1,846 11,861

8,128 1,191

$579,745

$462,866 59,000 4,124 525,990

56,533

(2,778)53,755

$579,745

Consolidated Balance Sheet December 31, 2018 (Derived from audited financial statements)

(In thousands)ASSETS

Cash and due from banks Interest-bearing deposits Total cash and cash equivalents

Securities available for sale Securities held to maturity Federal Home Loan Bank stock Total investment securities Loans secured by real estate Consumer loans Commercial loans Total loans Allowance for Loan Losses Loans, Net Banking premises and equipment, net Accrued interest receivable Other real estate owned Deferred tax asset Bank owned life insurance (BOLI) Goodwill Other assets Total Assets

LIABILITIES AND SURPLUS

Deposits Borrowed funds Accrued expenses and other liabilities Total liabilities SURPLUS

Retained earnings Accumulated other comprehensive income (loss) Total surplus Total liabilities and surplus

1

2

3

4 5

1. Board members attending the SASB annual meeting, circa 1950’s.

2. Board members of SASB in 2004.

3. Renovations of the SASB included 10 new teller stations and new flagstone flooring, circa 1970’s.

4. A customer of SASB is shown at the new walk-up window, the first of its kind in Adams in the day, circa 1970’s.

5. Employees show off their renovated office area, circa 1970’s.

Judith M. BombardierDonald R. Dion, Jr.Sally P. DouglasFrancis S. LazarczykScott Lincoln

Arthur J. McConnellCharles P. O’BrienAnne-Marie RodriguezEd St. John, IVHoward J. Wineberg

Term Expiring 2028

Omar AmeenJoseph R. ApkinGeorge J. Haddad

Barbara Davis-HassanJames J. LeitchJohn S. Paciorek

Term Expiring 2020

Matthew Pitoniak Joseph F. Truskowski, Jr.

Term Expiring 2024

Margaret T. Curtin Frank R. Dubis, Jr. Philip H. Grandchamp Fred S. HobartBruno Kissel John Lanoue Everett L. Martin, Jr. Donald J. Merlini Robert L. RandallDoris Ziemba

HONORARY CORPORATORS

Brian G. BedardLarry S. DavisKyle DelmolinoPauline GreenKeith R. LaFranceVictor LampiasiFrances A. LazarczykMary Jo Piretti Miller

Smitty PignatelliLinda ShafiroffBryon ShermanDaniel G. TremblayChad WagenknechtGeorge WhalingMichelle Whitney

Term Expiring 2027

James J. BrosnanJohn J. BurkeJeffery P. GrandchampDavid J. LipinskiRiad Maher

M. Lucy PavalockJames N. PennaVictoria A. RossRobert Smith

Term Expiring 2022Danielle D. FogartyNancy L. GartonEugene MichalenkoJ. Norman O’Connor, Jr.Bernard A. Pinsonnault

Lorraine SaulnierMichael R. UrquhartTimothy WellsThomas M. Zepka

Term Expiring 2021

Nancy K. AgostiniLaurence J. ChoquetteRichard A. DunnRichard A. JetteMark Moulton

Wayne A. OuimetStephen N. PagnottaLeon S. Parrott, Jr.Francis A. Waterman, Jr.

Term Expiring 2023

Elizabeth J. BaerRichard A. BertiJeffrey J. CliffordGerald F. DesmaraisTimothy C. DohertyThomas A. DubisBrent FieldKenneth L. FowlerScott LeBeau

Haley MeczyworJudy L. MossScott M. PignatelliCynthia L. PoulinChristine RandallMarc E. RudinNancy M. ScerboValerie Schueckler

Term Expiring 2026Charles Joffe- HalpernJoseph LentineDavid A. StambovskyDebra Trzcinski

Term Expiring 2025Anthony L. CaropresoKyle GeorgeRebecca D. Gold CellanaKeith V. Heeren

CORPORATORS

THE CHOQUETTE FAMILYFor 96 years, four generations of the Choquette family have served as corporators for Adams Community Bank.

Little did Dr. Joseph Choquette know as he attended his first of thirty-five annual meetings, that he was starting a legacy of committed leadership and community involvement to be passed on to his son, grandson and great-grandson. We excitedly welcome Brian as a new corporator this year.

JosephYears served1923-1958

OscarYears served1958-1983

LaurenceYears served1983-Present

BrianElected2019

Generations of Leadership

Paul A. Harsch, IIIPatrick KlammerBernard J. LaRocheManuel Leal

Daniel J. Maloney, Jr.Joseph RodovickAlfred SkrockiJennifer Trainer Thompson

Term Expiring 2019

Thank you to the Choquette family for their past, present and future service to our board.

OFFICERS

413.743.0001

adamscommunity.com

Charles P. O’Brien, President & CEOAndre P. Charbonneau, CFO & COO

Maureen E. Baran, SVP, Retail LendingAmy A. Giroux, SVP, Retail/Chief Culture Officer

Donna R. Halton, SVP, Commercial LoansSusan E. Kelley, SVP, Government Banking

Kathleen J. Luczynski, SVP, Operations & TechnologyJacqueline S. McNinch, SVP, Mortgage Originator

Gerald M. Biron, VP, Mortgage OperationsLaurie J. Boudreau, VP, Compliance OfficerTimothy R. Burdick, VP, Mortgage Servicing

Dawn M. Canales, VP, Technology OfficerPamela S. Duval, VP, Bus. Loan & Credit Administration

David Eisenberg, VP, Commercial Loan OfficerTeresa Jajko, VP, Controller

Theresa E. Sorrentino, VP, AccountingElena C. Tucker, VP, HR/Payroll Officer

Kristin S. Bona, AVP, Community Relations Patricia A. Carpenter, AVP, Retail Lending Officer

Shelli D. Cowdrey, AVP, Loan ServicingJacob R. Dabrowski, AVP, Lee/Lenox Branch Officer

Doreen M. Descoteau, AVP, Williamstown Branch OfficerDawn M. Lampiasi, AVP, Retail Lending Officer & CRA Officer

Laura A. Pelczynski, AVP, Retail Lending OfficerCarol M. Rapisarda, AVP, Branch Officer

Emma R. Tower, AVP, Mortgage UnderwriterJanice C. Adams, Technology Operations Officer

Norma F. Barnes, Lanesboro Branch OfficerLaila G. Boucher, Branch & Business Development Officer

Kaylin M. Choquette, Mortgage Origination OfficerRebecca M. Crouse, BSA Officer

Michael W. Gwozdz, Retail Operations OfficerNancy J. Hubbard, Administration Officer

Sean LeBlanc, Investment OfficerJeremy R. Patterson, Network & Systems Officer

Courtney A. Shapiro-Van Dusen, Cheshire Branch OfficerMelissa A. Tremblay, Senior Credit Analyst Officer

Adams | Cheshire | North Adams | Lanesboro | Lee | Lenox | Williamstown

Each depositor is insured by the FDIC to at least $250,000. All deposits above the FDIC insurance amount are insured by the Depositors Insurance Fund (DIF).

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